Topic: Health Care Tax

The proposed California wealth tax would target approximately 200 individuals worth over $1 billion, exempting real estate and personal property like private jets. Supporters, including Bernie Sanders, argue the revenue is needed to cover federal cuts to health care. Critics point out that 40% of California's income tax already comes from the top 1%, making the state vulnerable if they relocate.

The IRS has issued proposed regulations for the "Shared Responsibility Payment" under the Affordable Care Act, which penalizes individuals who do not maintain minimum essential health coverage. By 2016, a family of five could face an annual tax penalty of up to $20,000 for remaining uninsured. The document outlines exemptions for certain religious beliefs and financial hardships.

The Governor of the Bank of England, Mervyn King, has suggested that tax rates for the middle class in the UK could rise significantly. The hosts discuss historical tax rates, noting that in the 1970s, income tax in the Netherlands and the UK reached as high as 75-83%. They argue that this is the natural cycle of "moderately socialist" countries that provide free healthcare.

San Francisco restaurants have begun adding a 4% line item to bills to cover employer-mandated health care costs. This surcharge is often accompanied by messages blaming the governor or local government. The discussion notes that this tax appeared on multiple restaurant bills throughout a week-long stay in the city.